How to Avoid Costly Legal Mistakes
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When you're buying or selling a home, there are many small but important legal issues that you may be unaware of that are, nevertheless, critical to get right. Residential real estate is a complicated process. When such a major investment is transferred from one party to another, there are subtle details to take care of that can turn into major problems if not handled correctly.
It is essential to understand the legal ins and outs that will properly protect you when you buy or sell a home. There are several issues that will certainly cost you if you are not properly informed. It is not uncommon for misinformation to cost local home sellers thousands of dollars in the sale of their home. Don't let this happen to you.
Legal Issues That Could Cost You Thousands
Following are 3 common examples of legal clauses that can work to your disadvantage if not worded correctly:
1. Survey Clause
Homebuyers have the right to add a survey clause to the real estate contract on the home they wish to purchase. When this home is yours, you should be aware of the implications of this clause. Your current survey may no longer be up-to-date if you have had a swimming pool built, or an addition added since the survey was drawn up. If your survey is not up-to-date by these standards, the buyer may request an updated survey. The home seller may be required to bear the cost to have a new survey prepared. The cost for this process typically runs anywhere from $700 to $1,000. This is $700-$1,000 less than you will net for your home. An experienced real estate agent should provide you with a survey and it is up to the buyer†to decide if the survey is acceptable. Your agent†should be able to advise you appropriately when dealing with this issue, but if you or your agent are unsure, you have the right to consult your lawyer before you sign the offer. Don't be afraid to take this important step, as thousands of dollars could be riding on the decisions you make at this point.
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